Accounting Firms

Grant Thornton finalises sale of Asset Plus to Johnson Controls

The acquisition is said to complement Fortune 100-ranked Johnson Controls’ established presence in the UK public sector

Grant Thornton UK LLP’s Corporate Finance team has completed its fourth major facilities service to the Built Environment (FM) deal of 2022, with the sale of Hampshire-based Asset Plus to New York Stock Exchange-listed Johnson Controls.

Specialising in decarbonisation, Asset Plus reportedly delivers sustainability savings for multiple NHS organisations, local authorities, and education establishments. It also provides strategic support and project management for energy efficiency measures across complex built environments.

The acquisition is said to complement Fortune 100-ranked Johnson Controls’ established presence in the UK public sector, which has seen it appointed as a supplier under five key procurement frameworks including the Re:Fit Programme and the Carbon and Energy Fund (CEF). 

In addition, the NHS recently selected Johnson Controls for its National Framework Agreement for the provision of Smart Building Solutions using the Internet of Things (IoT).

Paul Burnett, co-founder and managing director of Asset Plus, said: “Grant Thornton was instrumental in achieving the best valuation for our business. Their support and advice during the transaction process was exceptional.

“Johnson Controls is the global leader for smart, healthy and sustainable buildings and a perfect fit for Asset Plus, providing a unique opportunity to pivot our energy performance model to other market sectors and expand our offering, transitioning the business into the next phase of growth.”

David Lloyd, head of connected buildings at Johnson Controls UK, said: “We are very excited to announce that we have completed the acquisition of Asset Plus, one of the commercial in confidence UK’s leading independent experts in the design and project management for implementation of decarbonisation and energy efficiency offerings.

“Its services will further enable Johnson Controls to deliver a turnkey net zero offering to all our UK clients, across all sectors, supporting us to deliver on our promise to create a safe, comfortable and, most importantly, sustainable world.”

Usman Malik, M&A partner and head of business services at Grant Thornton UK LLP, added: “Asset Plus generated a lot of interest when looking for potential buyers, as a result of the company’s impressive rapid growth. In just six years, the business has grown to a £30m turnover and the sale to Johnson Controls marks another landmark chapter that will return pleasing multiples to investors.

“The Built Environment services market is one where the Grant Thornton team continues to be highly active on a global basis. The resilience of the market, fuelled by long term contracts, is attractive to international investors so we expect to see continued activity in this space over the second half of the year.”

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